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Submission + - NYT: Apple's Web of Tax Shelters Saved It Billions 2

theodp writes: Even as Apple became the nation's most profitable tech company, it avoided billions in taxes in the U.S. and around the world through a web of subsidiaries so complex it spanned continents and went beyond anything most experts had ever seen, according to Congressional investigators. The investigation is expected to set up a potentially explosive confrontation between lawmakers and Apple CEO Tim Cook at a public hearing on Tuesday. "Apple successfully sought the holy grail of tax avoidance," said Senator Carl Levin. "It has created offshore entities holding tens of billions of dollars while claiming to be tax resident nowhere." In response to the release of the Congressional report, Apple published its prepared testimony a day early. One can only hope to see a Steve Jobs-like presentation by Cook on Tuesday!
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NYT: Apple's Web of Tax Shelters Saved It Billions

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